“The only way this sport’s going to grow is we have to find some synergy between these two entities,” said Michael Jordan, the sports legend who is currently co-owner of 23XI Racing, outside of the courthouse on Thursday, Dec. 11, in Charlotte, North Carolina.

Jordan then stated, “I think we’ve gotten to that point. Unfortunately, it took 16 months to get to here, but I think level heads have gotten us to this point.”

An antitrust trial, dubbed 23XI Racing & FRM v. NASCAR, began on Dec. 1, but that trial ended in a settlement on Dec. 11.

Through the lawsuit, 23XI Racing and Front Row Motorsports had called for $365 million in damages, but, as part of the settlement, “financial terms of the settlement are confidential and will not be released.”

However, some details regarding the settlement have been disclosed, and it is being addressed as a positive outcome by all involved parties, including NASCAR.

Of the settlement, Jeffrey Kessler, the attorney representing 23XI Racing, said NASCAR had agreed to instating permanent charters, referred to as “evergreen charters.”

In light of NASCAR’s prominence in racing, the status of team charter renewals, particularly pertaining to profitability for teams, was central to the lawsuit. Now, those charters will be permanent.

Speaking outside of the courthouse, Kessler said, “This was never about just 23XI. It was never just about Front Row. It was about trying to do something that was great for everyone, and, as part of this deal, we are going to have evergreen charters that will be available forever.”

Further, Kessler said, “We believe it’s a settlement that’s going to grow this sport.”

Jordan added, “When you get to the finish line, sometimes, you have to think not just for yourself, but you have to think of the sport as a whole, and I think both parties got to that point, and we realized we could have an opportunity to settle this.”

Watch Michael Jordan speak amid the settlement, here:

Jordan, who was joined by his 23XI Racing co-owner Denny Hamlin; as well as Bob Jenkins, owner of Front Row Motorsports, filed this lawsuit against NASCAR after their teams were not given favorable charter contracts.

According to Jordan, Hamlin, and Front Row Motorsports, at least 75% of team owners are unable to turn a profit while racing in NASCAR, as cited by the Associated Press.

While Jordan’s team has made a profit in four of its five seasons, the same could not be said for Front Row Motorsports, which has only turned a profit in one of its past 21 seasons.

With only a quarter of all team owners financially benefitting from competing as charter teams with NASCAR, it was alleged by the plaintiffs, 23XI Racing and Front Row Motorsports, that nearly $400 million was paid to the family of NASCAR’s owner, Jim France, over a three-year period.

Introducing their argument on Dec. 1, Kessler said, “What the evidence is going to show is Mr. France ran this for the benefit of his family at the expense of the teams and sport.”

Additionally, drivers like Hamlin testified in court that it cost him approximately $20 million for a single car to compete in a 38-race season. That figure didn’t account for additional costs for a driving team, such as driver salary.

With that in mind, Kessler asked, “So, why would these people do this if you are just going to lose money because NASCAR isn’t giving you a fair deal? Because you love stock car racing, and there’s nowhere else to do it.”

Following the announcement of a Dec. 11 settlement made between 23XI Racing, Front Row Motorsports, and NASCAR, a joint statement was released by the three entities.

NBC affiliate WCNC Charlotte shared the text of the statement, which is as follows:

“NASCAR, 23XI Racing, and Front Row Motorsports are pleased to announce a mutually agreed-upon resolution that delivers long-term stability and creates the conditions for meaningful growth for all teams in a more competitive environment.

This resolution reflects our shared commitment to maintaining a fair and equitable framework for long-term participation in America’s premier motorsport, one that supports teams, partners, and stakeholders while ensuring fans enjoy uninterrupted access to the best racing in the world. The agreement allows all parties to move forward with a unified focus on advancing stock car racing and delivering exceptional competition for our fans.

With this matter now resolved, all parties look forward to working together, alongside all chartered race teams, to deliver world-class events, dynamic sponsorship and partner activation opportunities, and continued growth for generations to come.

As a condition of the settlement agreement, NASCAR will issue an amendment to existing charter holders detailing the updated terms for signature, which will include a form of “evergreen” charters, subject to mutual agreement. The financial terms of the settlement are confidential and will not be released.

What all parties have always agreed on is a deep love for the sport and a desire to see it fulfill its full potential. This is a landmark moment, one that ensures NASCAR’s foundation is stronger, its future is brighter, and its possibilities are greater. We extend our sincere thanks to Judge Kenneth Bell and mediator Jeffrey Mishkin for their professionalism, and guidance throughout this process and to their jury for their time.”